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U.S. PCE, Employment Cost Index and Canadian GDP Ahead

The US PCE report is due late in the hour and with the low deflator from yesterday’s GDP report, there is room for a downside surprise. That said, the core PCE in GDP was in line and this is where the market is likely to watch. It should increase by 0.5%.

At the same time, the third quarter employment cost index is expected to rise and it’s a report that Powell specifically pointed to as something the Fed is watching. There is no consensus.

Finally, we will have the Canadian GDP for August, which should be stable.

Later – at 10 a.m. ET – we get the final October UMich sentiment data. Watch for revisions to inflation expectations. Additionally, the US Pending Home Sales report is expected to fall 5.0% due to rising rates.

For more information, consult the economic calendar.

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